Australia-based mining company Genmin has been awarded a 20-year mining permit for the lucrative Baniaka iron ore deposit located in southeastern Gabon. The granted permit opens the door for Genmin to tap into the substantial mineral reserves in the region.
The Baniaka iron ore deposit boasts proven reserves of 67 million tons of ore with an impressive iron grade of 47.4%, along with an additional 101 million tons featuring an iron grade of 43.1%. With a robust production capacity of 5 million tons annually, Genmin is poised to make a substantial impact on the global iron ore market.
The company aims to supply both fine and coarse ore to meet the demands of the international market. To facilitate this venture, Genmin has earmarked investments totaling $200 million for the development of production facilities and transportation infrastructure.
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